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European shares rise on trade, Brexit optimism; SAP jumps as CEO steps down

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European shares were boosted on Friday by advancing shares of SAP after its long term CEO stepped down, while upbeat rhetoric surrounding US-China trade talks and Brexit also brightened the mood. The pan-European STOXX 600 climbed 0.5 per cent at 0705 GMT, with shares in Frankfurt rising 0.8 per cent - the most among its peers. Germany's SAP jumped 7.4 per cent after the enterprise software company pre-released a strong set of third-quarter results and said its CEO Bill McDermott is stepping down after a decade at the helm. SAP shares pushed the technology sector 2.5 per cent higher, touching a two-month peak. Bucking the trend higher, London's FTSE 100 shed 0.3 per cent as shares of export-reliant firms took a beating from a firm sterling. Irish Prime Minister Leo Varadkar said on Thursday a Brexit deal could be clinched by the end of October, after what he called a very positive meeting with UK Prime Minister Boris Johnson. Meanwhile, the second day of negotiations between the United States and China aimed at resolving their protracted trade war are set to resume on Friday. Top negotiators from both sides expressed optimism after Thursday's talks, lifting hopes of a delay in next week's schedule US tariff hike.




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